Radio Australia reports that the bank is recommending each country prepare its own action plan in response.
Pacific finance ministers attending an Asian Development Bank meeting in Bali, Indonesia were given a full briefing on the impact of the financial crisis.
They were told tourism and remittances to the region have been hit hard with five countries now expected to post negative growth in 2009 and all to experience a significant slowdown.
The assessment is contained in a new report called “Taking the Helm” which was launched at a special Pacific-only consultation.
The report said Pacific governments need to act fast to limit the impact of the crisis on jobs, livelihoods and government revenue.
